Oceaneering International Inc. (OII) Downgraded by Zacks Investment Research to “Sell”
Oceaneering International Inc. (NYSE:OII) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “OCEANEERING INTERNATIONAL, INC. is an advanced applied technology company that provides engineered services and hardware to customers who operate in marine, space and other harsh environments. The company supplies a comprehensive range of integrated technical services to a wide array of industries and is one of the world’s largest underwater services contractors. “
Other research analysts have also recently issued research reports about the company. Wells Fargo & Co. began coverage on Oceaneering International in a research note on Tuesday. They issued a “market perform” rating for the company. Jefferies Group set a $27.00 price objective on Oceaneering International and gave the stock a “hold” rating in a report on Monday, July 25th. Evercore ISI lowered Oceaneering International from a “buy” rating to a “hold” rating and cut their price objective for the stock from $36.00 to $28.00 in a report on Wednesday, June 29th. JPMorgan Chase & Co. assumed coverage on Oceaneering International in a report on Wednesday, June 22nd. They issued an “underweight” rating and a $23.00 price objective for the company. Finally, Citigroup Inc. assumed coverage on Oceaneering International in a report on Tuesday, September 27th. They issued a “neutral” rating and a $27.00 price objective for the company. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $33.97.
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Shares of Oceaneering International (NYSE:OII) opened at 26.64 on Wednesday. The company’s 50-day moving average price is $26.38 and its 200-day moving average price is $29.91. The stock has a market cap of $2.61 billion, a PE ratio of 18.28 and a beta of 1.57. Oceaneering International has a one year low of $24.33 and a one year high of $47.45.
Oceaneering International (NYSE:OII) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Oceaneering International had a return on equity of 11.41% and a net margin of 5.31%. The business earned $625.50 million during the quarter, compared to analysts’ expectations of $604.16 million. Equities research analysts anticipate that Oceaneering International will post $0.76 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Acrospire Investment Management LLC increased its position in shares of Oceaneering International by 77.3% in the second quarter. Acrospire Investment Management LLC now owns 3,900 shares of the company’s stock worth $116,000 after buying an additional 1,700 shares during the last quarter. Point72 Asia Hong Kong Ltd acquired a new stake in Oceaneering International during the second quarter valued at approximately $173,000. Creative Planning increased its stake in Oceaneering International by 328.9% in the third quarter. Creative Planning now owns 6,189 shares of the company’s stock valued at $170,000 after buying an additional 4,746 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in Oceaneering International during the second quarter valued at approximately $206,000. Finally, GSA Capital Partners LLP increased its stake in Oceaneering International by 11.1% in the second quarter. GSA Capital Partners LLP now owns 6,966 shares of the company’s stock valued at $208,000 after buying an additional 698 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.
About Oceaneering International
Oceaneering International, Inc is an oilfield provider of engineered services and products to the offshore oil and gas industry, with a focus on deep water applications. The Company’s business segments include services and products provided to the oil and gas industry (Oilfield), and all other services and products (Advanced Technologies).
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